# USD/JPY: Yield spreads favor yen appreciation - CIBC - Forex Crunch

> CIBC economists expect the USD/JPY pair to fall toward 101 in the first quarter of 2021 as real yield spreads stay under pressure. They cite rising COVID cases in Japan and a likely third supplementary budget.

- Date: 2020-11-27 · published 2020-11-27T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/50381-usd-jpy-yield-spreads-favor-yen-appreciation-cibc-forex-crunch
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker dollar against the yen is a broad macro signal that can support dollar-priced commodities over time, though the effect on feed prices is indirect.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2019-05-27 | [USD appreciation hurting the global economy? - NBF - Forex Crunch](https://feedsoft.ai/events/59250-usd-appreciation-hurting-the-global-economy-nbf-forex-crunch.md) | +0.3% | -1.2% |
| DXY | 2019-07-28 | [USD/JPY Forecast July 29-August 2 - Yen slips as U.S. GDP beats forecast - Forex Crunch](https://feedsoft.ai/events/58323-usd-jpy-forecast-july-29-august-2-yen-slips-as-u-s-gdp-beats-forecast-forex.md) | +0.6% | +1.5% |
| DXY | 2025-10-31 | [USD/JPY Price Forecast: Yen steadies as RSI signals consolidation risk](https://feedsoft.ai/events/22645-usd-jpy-price-forecast-yen-steadies-as-rsi-signals-consolidation-risk.md) | +0.3% | -0.2% |
| DXY | 2021-03-04 | [EUR/USD drops under 1.2000 as Powell send US bond yields flying - Forex Crunch](https://feedsoft.ai/events/11416-eur-usd-drops-under-1-2000-as-powell-send-us-bond-yields-flying-forex-crunch.md) | +0.7% | +0.9% |
| DXY | 2020-04-15 | [USD appreciation: I need a dollar](https://feedsoft.ai/events/53820-usd-appreciation-i-need-a-dollar.md) | +1.5% | +0.8% |

## Sources

- forexcrunch.com: https://www.forexcrunch.com/blog/2020/11/27/usd-jpy-yield-spreads-favor-yen-appreciation-cibc/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.